Credit Card Industry

Credit card spending growth declines on RBI gaze, stress build-up

In FY24, credit card spending grew by 27.8 per cent; in FY23, spending was up 47.5 per cent; and it was 54.1 per cent in FY22

Millennials fuel surge in credit card defaults as e-commerce drives debt

The growth of digital payments, internet services, and e-commerce has boosted the credit card industry, but EMIs for large purchases often lead young users to default

RBL Bank aims to grow in credit cards, launches offering with Indian Oil

Private sector lender RBL Bank is aiming to grow its credit card portfolio "moderately" and focus on other aspects like cross-selling to customers, a senior official has said. If the industry grows at 20-25 per cent, the lender would like to increase its credit card outstanding by up to 15 per cent, its business head for credit cards Bikram Yadav said. "We would grow moderately in this segment, and we'll focus on internal unit economics and customer engagements and deeper cross-sell with them," Yadav added. Yadav, who was speaking after the launch of a dedicated offering in association with the largest oil marketing company Indian Oil Corporation, christened 'Xtra Credit Card', added that the other factors are more important than growth for the bank and its focus is on "reasonable" returns on the capital it deploys. It can be noted that the credit card segment has been under the spotlight because of the RBI's discomfort around the riskier unsecured segment growing fast. "The RBI i

Banks seek clarification on RBI's credit card network choice guidelines

The Reserve Bank of India's directive, which will go into effect in September, requires banks and non-banking financial companies to provide customers options to choose multiple card networks

Banks must give customers choice to select credit card network: RBI

Some arrangements between card networks and issuers are 'not conducive' for customers, it says

Co-branded credit cards most sought after, average spend per card grows to Rs 5577

Rewards and convenience will remain the buzzword, and cards that are conveniently available digitally will be the most sought after in 2024

You can now tokenise your debit/credit card via mobile and internet banking

RBI has also allowed CoFT through card issuing banks or institutions to provide cardholders with an additional choice to tokenise their cards for multiple merchant sites through a single process.

Canara Bank plans to transfer credit card portfolio to its subsidiary

At the end of October, Canara Bank's credit card in force was 820,672. CCSL reported a net profit of Rs 7.86 crore during the second quarter of the current financial year

HDFC Bank revises Regalia CC lounge access program, to depend on spending

On reaching the quarterly milestone, the customers are eligible for just two complimentary lounge access vouchers. Post which, the access will depend on the credit card spending of the cardholders

IndusInd Bank launches 'virtual commercial card' for cross-border payments

In partnership with Visa and Juspay, the virtual card has additional layers of security that give users complete control over their international expenses, thus making it safe and hassle-free

Credit market on course to grow to $350 billion by year-end: Vivek Joshi

Financial Services Secretary Vivek Joshi on Tuesday said the credit market, led by the digital lending segment, is on course to grow to USD 350 billion (around Rs 3 lakh crore) by the end of the year. The digital lending segment stood at USD 270 billion at the end of 2022, Joshi said on the opening day of the fifth edition of the global fintech festival here. The official also said the country's fintech market is slated to grow three times to USD 150 billion by 2025-end from USD 50 billion in 2021. About 800 speakers and 50,000 delegates are attending the three-day global fintech summit.

SBI Card unveils additional features on its super-premium card 'AURUM'

The card also offers 1-year Club Mariott membership as a welcome gift

Credit card dues up 30% in Apr; cross Rs 2 trillion mark for the first time

The Reserve Bank of India (RBI) has expressed its concern about the growing unsecured bank credit

Rewards galore: Most loved credit cards for online spends in India

India is approaching 100 million (10 crore) credit cards. Just 4 banks account for 71% of all credit cards

Credit card spends touch all-time high of Rs 1.37 trillion in March

As per latest data, almost 63 per cent of the spends or a little over Rs 86,000 crore came from e-commerce while the rest was at point of sales (PoS) terminals

Credit card spends dip in Feb but top Rs 1 trn for 12th straight month

February typically sees a slight dip in spends compared to other months because it has fewer days. In January, spends had touched Rs 1.26 trillion, the second highest figure ever

Credit card spends in Dec cross Rs 1 trillion for 10th month in a row

Net card addition fell substantially in December to 580,000

Maximise reward points by using the right card for your each spend

Beware that on some expenses you could be levied a fee for card usage

Credit card use at PoS higher than at e-com sites in July-Sept: Report

Attributes trend to value-added services such as EMI and BNPL which are allowing consumers to use cards for big-ticket transactions, as opposed to small-ticket earlier

Festivals boost credit card spends to record high of Rs 1.29 trillion

On a year-on-year (YoY) basis, spends were up over 25 per cent, despite a high base